PAN is a permanent account number; it is a ten digit alpha-numeric account number which is allotted to each and every person of the country who pays tax. The entire process of allotting a PAN card number is done by Income Tax Department under the surveillance of central board of direct taxes. It is one of the mandatory documents that a person should possess if he/ she deal in financial transactions of fifty thousand and more. UTI PAN is mandatory for receiving professional fees or taxable salary, buy mutual funds, purchase or sell off of assets above specified limits, and more. Majorly it is known as the key to keep track of financial records of every individual of the country whose financial transactions exceed than fifty thousand or one hundred thousand. Many authorities ask for a PAN account number before initializing your different sought of requests. One can also fill and online application for PAN card if they don’t possess one. This article will talk about why is it important to possess an updated UTI PAN card!
• Opening a bank account- If you are an adult (18 years or more) and you want to open a bank account (it doesn’t matter in private/ public/ co-operative or other banks) you must possess a Pan card only then would be able to open a bank account.
• For issuing of credit/ debit card- Just as mentioned above if you have to open a bank account after the age of 18 years, you must a possess a PAN card to do so similarly, if you have an existing bank account and you want to issue a debit or credit card it is mandatory to own a Pan card and sync it with your account number only then would you be able to issue a debit or credit card. Even if you try applying for one, the application would sooner or later get rejected. So, it is important to have an updated PAN card number if you want to issue a credit/ debit card for an existing bank account.
• Sale or purchase of immovable asset- If you want to buy or sell a property of amount exceeding rupees five lacs then, you must possess a PAN card to do so. This is because any transaction related to property which is exceeding the above mentioned amount requires this UTI PAN to be mentioned in the legal documents. Further, if it is the joint property you are dealing in the, it is must that every person concerned with that property must possess a PAN card.
• Investing in jewelry or securities- Whether you are purchasing jewelry of more than rupees five lacs or you are investing in securities where transactions of fifty thousand or more take place in buying of bonds, equities, debentures or mutual funds, you must have a PAN card to uncomplicated the process and make the functioning smooth.
Who all can apply for a Pan card and what is the process for applying it?
Anyone who earns a taxable income residing in India or who owns a retail business and had a annual income of rupees five lac in the last financial year must apply for a UTI PAN card. A person can easily apply pan card apply online by visiting Mewar Education.